PMP Exam Prep 2023 - 11th Edition

Chapter 9 of the PMP Exam Prep 2023 11th Edition by Rita Mulcahy with Margo Kirwin focuses on Budget and Resources, critical components of project management. This chapter covers cost management processes, including planning, estimating, budgeting, financing, funding, managing, and controlling costs to ensure the project stays within the approved budget. It also addresses resource management, including identifying, acquiring, and managing resources effectively. The content aligns with the PMP Examination Content Outline (ECO) and integrates concepts from the PMBOK® Guide 7th Edition, covering predictive, agile, and hybrid methodologies.

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Cost Management Processes:

• Plan Cost Management: Defines how costs will be planned, structured, and controlled.
• Estimate Costs: Develops an approximation of the monetary resources needed.
• Determine Budget: Aggregates estimated costs to establish a cost baseline.
• Control Costs: Monitors project status, updates costs, and manages changes to the cost baseline.

Key Concepts:

• Earned Value Management (EVM): Measures project performance against scope, schedule, and cost baselines.
• Cost Baseline: The approved budget for the project, used as a reference for cost control.
• Agile Considerations: Budgeting in agile projects focuses on iterative funding and value-driven delivery.

Resource Management Processes:

• Plan Resource Management: Identifies how to estimate, acquire, manage, and utilize resources.
• Estimate Activity Resources: Determines the types and quantities of resources required.
• Acquire Resources: Obtains team members, facilities, equipment, and materials.
• Develop Team: Improves team competencies and interactions.
• Manage Team: Tracks performance, provides feedback, and resolves issues.
• Control Resources: Ensures resources are available and used efficiently.

Key Concepts:

• Resource Breakdown Structure (RBS): A hierarchical representation of resources by category and type.
• Agile Resource Management: Emphasizes cross-functional teams and self-organization.
• Resource Optimization: Techniques like resource leveling and smoothing to balance demand.